The current sections of Ayayai Corp.’s balance sheets at December 31, 2016 and 2017, are presented here. Ayayai Corp.’s net income for 2017 was $168,453. Depreciation expense was $29,727.

Prepare the net cash provided (used) by operating activities section of the company’s statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Joseph P. Smith and his wife Gladys G. Smith are married and file a joint return for 2016. Joseph’s social security number is 499-99-4321 and he is 44 years old. Gladys social security number is 637-44-9876 and she is 43 years old. They live at 1502 Seaman Court,

Flemington, NJ 08822.

Mr. Smith is a construction worker employed by LLL Construction.

His form W-2 from LLL Construction showed the following:

                                    Wages                                     $42,000

                                    Withholding (federal)                 4,500

The Smiths have a 17-year old son, Jackson, who is enrolled in the eleventh grade at Flemington Perpetual Catholic School. Jackson’s social security number is 669-90-0099. The Smiths also have an 18-year old daughter, Lois, who is a full-time freshman at Oceanside Community College (OCC). Lois’s social security number is 669-90-0100. Mr. and Mrs. Smith also have full custody of Joseph’s nephew, Larry Loser (social security number 664-66-6688) who is 18 years old and a part-time student at OCC. All three of the children live at home, and Joseph and Gladys pay the majority of expenses for Jackson, Lois, and Larry (none of the children work).

Joseph and Gladys have the following investment income for 2016:

            Interest from the Trustworthy Savings Bank              $651

            Dividends (qualified) Seaside Bank stock                      150

            Dividends (qualified) Seaside Gas Company stock        260

            Dividends (non-qualified) Hot Mutual Fund                              45

            Interest on NJ State Municipal Bonds                            750

            Interest on Seaside Electric Company Bonds                675

Joseph went to the local casino and won $3800 playing the slot machines. The next day he decided to go back to the casino and unfortunately he spent (lost) $1550 that day.

One of Gladys friends died during the year and Gladys received $10,000 in life insurance proceeds.

In July, Joseph’s aunt died and left him a piece of real estate (undeveloped land) worth $65,000.

Five years ago, Joseph and Gladys were divorced. Joseph married Suzy Sunshine

(SS# 020-22-2222), but the marriage did not work out and they were divorced a year later. They had a child while married, Sara Sunshine (social security number 555-50-5588, age 7). Under the divorce decree, Joseph has to pay Suzy $18,000 per year until Sara reaches age 18 at which time the payment is reduced to $12,000 per year. Three years ago, Joseph and Gladys were remarried.

During 2016, Joseph spent $250 on safety glasses, $150 on steel toed work boots, $100 on a reflective vest to use while directing traffic, and $300 on jeans that he wears to work. He also spent $2250 on tools that he uses for work. LLL Construction gave him $1000 to use to purchase a demolition saw (not part of the $2250 spent on tools, and not included in his paycheck).

Joseph is tired of working in construction and went back to school, part time, in January. He spent $3600 on tuition to the local community college and has a 1098-T supporting that expense. He has never been enrolled in higher education prior to this time. He paid for the tuition using a student loan.

Gladys was laid off from her job on January 2, 2016 and received unemployment compensation of $12,000 during 2016.

Joseph and his family are covered under a health insurance plan provided by LLL Construction, and LLL pays $300 per month and Joseph pays $250 per month for this plan (the $250 is deducted pre-tax from Joseph’s paycheck). During the year, Gladys had an emergency appendectomy; the total bill was $22,500, the insurance covered $18,000 and Joseph and Gladys paid the remainder.

On September 1, 2016 Gladys took a job as a medical transcriptionist and works from home. She does her work on the dining room table. The house is 2000 square feet, and the dining room is 400 square feet. Her income and expenses follow:

            Income (paid on a 1099-Misc)                                                $19,050

            Home office expenses (direct)                                               $2600

            Home office expenses (indirect, but not allocated)               $12,000

            Office expenses                                                                          1,380

            Computer supplies                                                                         800

            Telephone                                                                                     300

            Faxes (sent from Staples)                                                              250

            Internet service                                                                              480                      

In addition to the above items, Gladys incurred travel expenses to attend a seminar on medical transcription. She spent $1200 on airfare, $750 on lodging, $325 on a rental car, and $560 on meals. Gladys has documentation for these expenses.

Gladys drove her 2014 Land Rover 2,845 miles for business related purposes, and the vehicle was driven a total of 8,646 miles during the year. Gladys uses the standard mileage rates and has substantiation for the mileage.

In July, Joseph loaned a fried $5,000 to purchase a car. His friend lost his job in 2016 and has not made any payments on the loan. He plans to start making payments again, however, with additional interest as soon as he has new employment.

Joseph and Gladys paid the following in 2016 (all by check or can otherwise be substantiated):

            Contributions to Flemington Perpetual Catholic Church                               $2600

            Tuition to the Flemington Perpetual Catholic School (for Jackson)               5,000

            Clothes to the Salvation Army (10 bags in good condition)                              275

            Contributions to George Kerry’s Congressional campaign                               250

            Psychotherapy for Gladys                                                                                  1,000

            Eyeglasses for Jackson                                                                                       375

            Prescription medication and drugs                                                                  1,850

            Credit card interest                                                                                           1,345

            Interest on Glady’s student loans                                                                      3,125

            Investment interest on stock margin account                                                   345

            Auto loan interest                                                                                              900

            Auto insurance                                                                                                   1,600

            Dave Deduction, CPA, for preparation of last year’s tax return                       200

            Safe deposit rental for storage of stocks and tax data                                     100

            Contribution to educational savings account for Jackson                                 1,000

            Home mortgage interest                                                                                   6,910

            Home property (real estate) taxes                                                                    4,400

In June, a hurricane destroyed a large shed on their property. The insurance company paid $6500 to replace the shed, but Joseph built a new shed himself for $1800.

Joseph’s grandfather died and left a portfolio of municipal bonds. In 2016 Joseph received $20,000 in tax-free interest (ignore AMT tax calculations).

On July 14, Joseph and Gladys purchased a second house to use as a rental property. They paid $130,000 for the property (the land value, included in the $130,000, is $30,000). They collected rent of $8000 during the year, and paid real estate taxes of $2600, mortgage interest of $1600, repairs of $750, and $600 advertising the property for rent.

Joseph owned 1,000 shares of Really Huge Airline stock with a basis of $30 per share. The stock was purchased six years ago on June 10. Joseph sells 500 shares of Really Huge Airline stock to his uncle Geovanni and 500 shares to his sister Pristine for $5 per share on December 31, 2016. The market price of Really Huge Airline stock on December 31, 2016 was $35 per share.

Joseph purchased 5 acres of raw land in Speculator, NY, 10 years ago. His basis in the land was $90,000. On August 1, 2016 he sold the land for $150,000.

On May 15, 2016 Joseph and Gladys sold their personal residence for $585,150 and purchased a new house for $485,000. They had owned the old house for 5 years and Gladys had inherited it when her mother passed away. Her mother had paid $17,000 for it when she purchased it many years ago, and it had a market value of $525,000 when she passed away) The house had been their personal residence ever since Gladys mother passed away. They moved into the new house on May 18, 2016.

Joseph sold the following securities during the year and received a 1099-B that showed the following information:

Security                       Description      Purchased       Sold                 Selling Price    Adjusted Basis

Orange Inc.                 100 shares       02/11/97         04/16/16         $3,080             $4,550

Blue, Inc.                     100 shares       07/17/01         07/31/16         $2,000             $3,600

Red (Preferred)           100 shares       12/08/15         09/25/2016     $8,975             $10,510

Plum (Bonds)               due 4/2015      12/30/05         01/02/2016     $5,155             $5,320

Peach Mutual Fund     5,010 shares    05/30/06         10/22/2016     $60,120           $56,480

The selling price is net of sales commissions. In addition to the above amounts, the Hot Mutual Fund distributed a long-term capital gain of $450 on December 30, 2016.

To do:

Using the information above, complete the 1040 form for Joseph and Gladys including all additional forms and schedules. You may use tax software or can access the required forms on the IRS.gov website. Please use 2016 forms.

To include variables in the input prompt, you must use concatenation character (+). For example: assume you already asked for input of employee's first name and last name (they are stored into variables FirstName and LastName, then use this prompt to ask for employee's weekly hours which includes the employee's full name in the input statement.

Hours = float(input("Enter " + FirstName + ' ' + LastName + '\'s Weekly Hours: '))

The company which uses this program has TWO employees.

Write a Python application that will allow the user (payroll clerk) to enter payroll data for two hourly employees. Input Data includes:

• Employee ID (string text such as AF101)
• Employee Last Name (string text)
• Employee First Name (string text)
• Weekly Hours
• Hourly pay rate per hour
• Income tax rate

Repeat the above prompt for two employees

Must use if statements to check if the employee requires an overtime pay.

Up to 40 hours on employee’s hourly rate; any hours over 40 must be pay at a time and a half (1.5 of rate). Using , and 2 decimal places for all currency in the output

Display the followings for each employee:

• Display Employee Data (ID, First and Last Name)
• Display Weekly Hours and Hourly pay rate
• Display the Gross Pay (includes overtime if any)
• Taxes Withheld (Gross Pay x Tax Rate)
• Net Pay (Gross Pay – Taxes Withheld)

Then finally output payroll info for the entire company (total amount for both employees)

• Display Company payroll expense (sum of both employees’ Gross Pay)
• Display Total Cash amount to Employees (sum of both employees’ Net Pay)

Sample input/output (user input is in bold italic)

Enter Employee’s ID (i.e. AF101): AS111

Enter Employee’s Last Name: Wong

Enter Employee’s First Name: Wanda

Enter Wanda Wong’s Weekly Hours: 36.5

Enter Wanda Wong’s Hourly pay rate per hour:  50

Enter Wanda Wong’s Income tax rate: 0.25

Enter Employee’s ID (i.e. AF101): AS256

Enter Employee’s Last Name: Johnson

Enter Employee’s First Name: Betty

Enter Betty Johnson’s Weekly Hours: 52

Enter Betty Johnson’s Hourly pay rate per hour:  30

Enter Betty Johnson’s Income tax rate: 0.20

Weekly Pay stub for AS111                       Wanda Wong

36.5 Hours Worked @ $50.00

Gross pay of                                                      $1,825.00

Less Taxes Withheld @ 25.0%                     $456.25

Net Pay                                                                  $1,368.75

Weekly Pay stub for AS256                       Betty Johnson

52 Hours Worked @ $30.00

Gross pay of                                                       $1,740.00

Less Taxes Withheld @ 20.0%                      $348.00

Net Pay                                                                   $1,392.00

Total Company payroll expense for the week: $3,565.00

Total Cash payments to Employees: $2,760.75

Please correct chosen answers if incorrect.

22) d

23) c

24) c

22) Which of the following is not true regarding event rates:

a. an event can be anything such as Chicago Cubs winning the World Series

b. event rates are seldom used as they only provide data of nominal significance

c. event rate is statistical term that describes how often an event occurs

d. the formula for event rate is the number of times the event occurs, divided by the number of possible times the event could occur

23) Which of the following statements is not true regarding data collection:

a. often times, in our field, we collect data to help us infer or hypothesize about any number of things including treatments, prevention, occurrences, etc

b. collecting count data may be on one single sample or cohort, due to any number of reasons

c. when data is collected on count data, e call the outcome of that collection, results

. in single group studies, control groups are the standard

24) Which of the following statements is true:

a. comparisons between age-adjusted rates can only be useful if the same standard population is used in the creation of the age-adjusted rates

b. event rates are never seen as something which is important in public health except in epidemiological concerns

c. count data is something that is important when considering data gathered on vampires

d. person-time is often used in epidemiological studies in the veterinary sciences

Show your numerical answer(s) and the Excel function(s) and inputs you used to get the answer.  You may use up to 25 words (50 for #4) to supplement your numbers, tables and Excel functions.

1. State Retirement Funding (5 points – 1 page with table, functions and 25 words)

A state retirement plan has been frozen.  It is considered fully-funded, with $635,244,352.26 of assets on hand and makes payouts to 1,000 recipients.  It assumes it will earn 7.5% per year on these assets.  The most recent total payout was $50,000,000. Next year it will be $51,000,000, which includes a 2% COLA increase in benefits.  This payout amount is scheduled to increase by 2% per year for inflation.  All interest earned and payments occur at the end of the year.  For this cohort of retirees the final payment will be made in exactly22 years from today.  The fund balance at that time will be zero.

The effective rate for annuities like this is RATE = .

The PV was calculated as =PV(RATE,22,-50000000,0,0)

1. Create an amortization table that shows the pension is fully-funded.
2. Suppose that instead of 7.5% the assets earn 5% per year.  By how much is the pension under-funded assuming the 2% COLA adjustment continues.
3. At a 5% growth rate what total annual payments can the original asset balance support for 22 years with no inflation adjustment?  I.e., the same amount each year.
4. Given the initial balance of $635,244,352.26 and assuming a 2% COLA increase ever year, what initial payment can be made to beneficiaries?

Comprehensive Problem 4

The following are the consolidated statement of earnings and the balance sheet of Home Depot, Inc and Subsidiaries.

⁽¹⁾ Fiscal years ended January 31, 2016, February 1, 2015 and February 2, 2014 include 52 weeks.

Selected information as on February 2, 2014:

rev: 04_07_2020_QC_CS-207273, CS-207274

Comprehensive Problem 4 Part 2

Assume that you are the credit manager of a medium-size supplier of building materials and related products. Home Depot wants to make credit purchases from your company, with payment due in 60 days.

Instructions:

a-1. Compute the current ratio for the fiscal years ending January 31, 2016, and February 1, 2015.

a-2. Compute the quick ratio for the fiscal years ending January 31, 2016, and February 1, 2015.

a-3. Compute the amount of working capital for the fiscal years ending January 31, 2016, and February 1, 2015.

a-4. Compute the percentage change in working capital from the prior year for the fiscal years ending January 31, 2016, and February 1, 2015.

a-5. Compute the percentage change in cash and cash equivalents from the prior year for the fiscal years ending January 31, 2016, and February 1, 2015.

The marketing manager has recently completed a sales forecast. She believes the company’s sales will increase by 1 percent each month over the previous month’s sales from December 2015 through March 2016. Then sales are expected to remain constant for several months. Helping Hand’s projected balance sheet as of December 31, 2015 is as follows: Cash $ 60,000 Accounts receivable 172,530 Marketable securities 10,000 Inventory 39,784 Buildings and equipment (net of accumulated depreciation) 600,000 Total assets $ 882,314 Accounts payable $ 111,940 Sales commissions payable 4,040 Bond interest payable 8,000 Property taxes payable 0 Bonds payable (4%; due in 2020) 600,000 Common stock 100,000 Retained earnings 58,334 Total liabilities and stockholders' equity $ 882,314 The following information has been accumulated to assist with preparing the master budget for the first quarter of 2016: 1) Projected sales for November 2015 are $200,000. Credit sales are typically 90% of total sales.

5).Helping Hand’s credit experience indicates that 13% of credit sales are collected during the month of sale, 75% in the month following the sale, and 10% in the second month following the sale. Experience shows the remaining credit sales are uncollectible. 2 Helping Hand’s board of directors has indicated an intention to declare and pay dividends of $150,000 on the last day of each quarter.

6) The interest on any short-term borrowing will be paid when the loan is repaid. Interest on Helping Hand’s bonds is paid semiannually on February 28 and August 31 for the preceding sixmonth period.

7) Property taxes are paid quarterly on March 31, June 30, September 30, and December 31 for the preceding three-month period.

Required: Build a model to forecast Helping Hand Corp’s cash balance at March 31, 2016. Your model must contain the following master budget schedules. Round all amounts to the nearest dollar. Your model should allow you to change any of the assumptions provided above and easily recalculate the ending cash balance at March 31, 2016. The assumptions may be on a separate worksheet but all of the schedules below must be on one worksheet. 1) Sales budget: 2015 2016 November December January February March 1st Quarter Total sales Cash sales Sales on account

2) Cash receipts budget: 2016 January February March 1st Quarter Cash sales Cash collections from credit sales made during current month Cash collections from credit sales made during preceding month Cash collections from credit sales made during 2nd preceding month Total cash receipts

3) Purchases budget: 2015 2016 December January February March 1st Quarter Budgeted cost of goods sold Add: Desired ending inventory Total goods needed Less: Expected beginning inventory Purchases

4) Cash disbursements budget: 2016 January February March 1st Quarter Inventory purchases: Cash payments for purchases during the current month Cash payments for purchases during the preceding month Total cash payments for inventory purchases Other expenses: Sales salaries Advertising and promotion Administrative salaries Interest on bonds Property taxes Sales commissions Total cash payments for other expenses Total cash disbursements

.5) Summary cash budget:    2016    January February March 1st Quarter Cash receipts (sch 2)       Less: Cash disbursements (sch 4)       Change in cash balance during period due to operations                                                                                        Sale of marketable securities (1/2/16)       Proceeds from bank loan (1/2/16)       Purchase of equipment       Repayment of bank loan (3/31/16)       Interest on bank loan       Payment of dividends       Change in cash balance during the month       Beginning cash balance       Ending cash balance      


6) Prepare a memo to the president of Helping Hands Corp with at least two recommendations on how the company can ensure it completes the first quarter of 2016 with the minimum required cash balance. You should provide a plan to support your recommendation. For example, if you recommend an increase in sales, how can this be attained. Be specific. You should provide specific financial information for your recommendations utilizing your model (include a model for each of your recommendations). For example, if the company does X, the change in ending cash will be Y. Your model will become the property of Helping Hands Corp. and should be easy

Part II

This problem consists of two parts.

Part I

A portion of the Stockholders’ Equity section of Hatten Corporation’s balance sheet as of December 31, 2016, appears below. Dividends have not been paid for the years 2014 and 2015. There has been no change in the number of shares of stock issued and outstanding during these years. Assume that the board of directors of Hatten Corporation declares a dividend of $28,650 after completing operations for the year 2016.

Stockholders’ Equity                                   

    Preferred Stock (10% cumulative, $50 par value, 2,000 shares authorized)

        At Par Value (1,600 shares issued)   $              80,000  

    Common Stock (no-par value, with stated value of $25, 20,000 shares authorized)                                       

        At Stated Value (15,000 shares issued)                         375,000                

1.           

Compute the amount of the dividend distributed to preferred stockholders in 2014, 2015 & 2016.

2.           

Compute the amount of the dividend to be paid on each share of preferred stock. (Round your "per share" value to 2 decimal places.)

3.           

Compute the total amount of the dividend available to be distributed to common stockholders.

4.           

Compute the amount of the dividend to be paid on each share of common stock. (Round your "per share" value to 2 decimal places.)

5.           

Compute the amount of dividends in arrears (if any) that preferred stockholders may expect from future declarations of dividends.

Part II

Use the information given in Part I to solve this part of the problem. Assume that the board of directors of Hatten Corporation has declared a dividend of $117,000 instead of $28,650 after operations for 2016 are completed.

1.           

Compute the amount of the dividend distributed to preferred stockholders in 2014, 2015 & 2016.

2.           

Compute the amount of the dividend to be paid on each share of preferred stock. (Round your "per share" value to 2 decimal places.)

3.           

Compute the total amount of the dividend available to be distributed to common stockholders.

4.           

Compute the amount of the dividend to be paid on each share of common stock. (Round your "per share" value to 2 decimal places.)

5.           

Compute the amount of dividends in arrears (if any) that preferred stockholders may expect from future declarations of dividends.

Analyze:

Assume only Part 1 has transpired. If, in 2015, the board of directors declared a dividend of $51,000, what amount would be paid to preferred stockholders?

(Business Law)...Since many people refer to general partnerships usually as “partnerships” rather than as “general partnerships” should the legal name be changed and that anyone forming a general partnership should be required to use the full name “general partnership’? Discuss your opinion of this and support your opinion with some research.

Using the main function’s arguments, create a program that takes in a person’s name, their home town/location, and cell number then prints out the following message:

Sample run 1:

Java lab01_task03 Sililo Uis 0819876543

Output:  

Contact successfully saved !!

Contact Name : Sililo @ Uis

Home number: 0819876543